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Economics test
2/11/22
| Question | Answer |
|---|---|
| Scarcity | A shortage of supplies |
| Wants | Something that a person desires |
| Incentive | Financial motivations for people to take certain actions |
| Microeconomics | Part of economics concerned with single factors and the effects of individual decisions |
| Macroeconomics | Part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity |
| Utility | The total satisfaction received from consuming a good or service |
| Disutility | The adverse or harmful effects associated with a particular activity or process, especially when carried out over a long period |
| You must know the basic positives and negatives for… Capitalism | Negatives: Inherited wealth and wealth inequality, Especially bad for low-skilled workers, May lead to more homelessness. Positives: Capitalism promotes equality, provides freedom, promotes self-regulation |
| You must know the basic positives and negatives for… Socialism | Negatives: slow economic growth, less entrepreneurial opportunity and competition, potential lack of motivation by individuals due to lesser rewards. Positives: Free health care, Benefits of public ownership, Reduction of relative poverty. |
| Arbitration | Settlement technique in which a neutral 3rd party reviews the case and imposes a decision that is legally binding for both sides |
| collective bargaining | The process in which unions and management negotiate and make compromises for their demands is in part negotiations of wages for labor |
| Equilibrium wage | The wages that makes neither a surplus nor shortage of workers in a labor market |
| Market theory of wage determination | Theory that states that wages are determined by the laws of supply and demand in the market |
| Mediation | A settlement technique in which a neutral mediator meets with each side to try and find a solution that both sides will accept. |
| Professional Labor | Workers that fill jobs which require advanced skills and education |
| Semi-Skilled Labor | Workers that fill jobs which require little specialized skills and education |
| Skilled Labor | Workers that fill jobs which require specialized abilities and training to do tasks |
| Unskilled Labor | Fill jobs that require no specialized skills, education, or training |
| Wage rate | The rates of payment for a specific job or work performed |
Created by:
22toestm
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